$ENA hit $0.25, and now it gets more interesting precisely because of the fundamental part of the story.
Ethena added Equity Basis to the reserve structure: tokenized shares are used as spot collateral, and positions are hedged via Binance equity perps. This opens up a new source of yield for USDe beyond crypto.
On the screenshot, Equity Basis is already highlighted as a separate direction, while the other reserves include $954M Crypto Basis and $1.59B DeFi Lending.
If this model starts to scale, $USDE will gain a new growth engine, and along with it the fundamental story of $ENA changes.
Ethena added Equity Basis to the reserve structure: tokenized shares are used as spot collateral, and positions are hedged via Binance equity perps. This opens up a new source of yield for USDe beyond crypto.
On the screenshot, Equity Basis is already highlighted as a separate direction, while the other reserves include $954M Crypto Basis and $1.59B DeFi Lending.
If this model starts to scale, $USDE will gain a new growth engine, and along with it the fundamental story of $ENA changes.
